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House Passes Bill To Extend Closing Deadline For Home-Buyer Tax Credits

 

Dennis Norman

UPDATE -July 2 – The President has signed the bill into law….It’s official, the deadline is September 30th to close..

UPDATE-July 1- GOOD NEWS!  I Stand Corrected!  Yesterday, before ending session, the Senate did PASS H.R. 5623 by Unanimous Consent…the bill now goes to the President for his signature and then will extend the closing date until September 30th…

UPDATE-June 30th-Today was the last day the Senate is in session before the 4th of July break and there was no action on this bill…..The Senate is now on recess until July 12th so nothing is going to happen at least until then….

Back in December the U.S. House of Representatives passed H.R. 4213, The American Jobs and Closing Tax Loopholes Act of 2010 and then on June 17th I reported that the Senate had passed an amendment to this bill which would ill that passed an extension of the deadline for purchasers to close on a home purchase to September 30, 2010 to qualify for the home-buyer tax credit (provided the contract to purchase was entered into by the April 30th deadline. Unfortunately this bill has not made much progress.

However, today, the House of Representatives passed H.R. 5623, the Homebuyer Assistance and Improvement Act of 2010, by a vote of 409-5. This is a stand-alone bill extend the deadline for purchasers to close on a home purchase to September 30, 2010 to qualify for the home-buyer tax credit (again, only if the contract to purchase was completed by April 30th).

The bill now goes to the Senate and must be passed there before going to the President. I’m not overly optimistic that the Senate will act on this quickly but do hope they pass it quickly.

I’ll update this post as I know more.

 

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